Lakeshore Acquisition III Corp. (NASDAQ:LCCC) Short Interest Down 66.5% in June

Key Points

• Short interest in Lakeshore Acquisition III Corp. plunged 66.5% in June, falling to 1,192 shares as of June 30 from 3,562 shares on June 15.
• The stock is trading near its recent range, opening at $10.44 with a 52-week low of $10.02 and high of $10.45. Its average rating remains “Sell”, including a Weiss Ratings reissued sell (d-) rating.
• Lakeshore Acquisition III is a SPAC, meaning it is still searching for a business combination and does not currently operate a traditional business.

Lakeshore Acquisition III Corp. (NASDAQ:LCCC - Get Free Report) was the recipient of a significant decrease in short interest in June. As of June 30th, there was short interest totaling 1,192 shares, a decrease of 66.5% from the June 15th total of 3,562 shares. Based on an average daily volume of 18,805 shares, the short-interest ratio is currently 0.1 days. Currently, 0.0% of the company's shares are sold short.

Hedge Funds Weigh In On Lakeshore Acquisition III

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Berkley W R Corp raised its stake in shares of Lakeshore Acquisition III by 51.3% in the 1st quarter. Berkley W R Corp now owns 310,796 shares of the company's stock valued at $3,203,000 after purchasing an additional 105,422 shares during the period. Sona Asset Management US LLC acquired a new stake in Lakeshore Acquisition III in the 1st quarter valued at approximately $1,030,000. Finally, Rivernorth Capital Management LLC raised its position in Lakeshore Acquisition III by 33.6% in the 4th quarter. Rivernorth Capital Management LLC now owns 397,500 shares of the company's stock valued at $4,051,000 after buying an additional 100,000 shares during the last quarter.

Lakeshore Acquisition III Price Performance

Shares of LCCC opened at $10.44 on Monday. The company has a 50 day simple moving average of $10.40. Lakeshore Acquisition III has a 52-week low of $10.02 and a 52-week high of $10.45.

Lakeshore Acquisition III (NASDAQ:LCCC - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.08 earnings per share for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a "sell (d-)" rating on shares of Lakeshore Acquisition III in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the company presently has an average rating of "Sell".

About Lakeshore Acquisition III

Lakeshore Acquisition III NASDAQ: LCCC is a special purpose acquisition company (SPAC) listed on the Nasdaq stock exchange. As a blank‑check company, its primary business activity is to raise capital through an initial public offering and hold those proceeds in a trust while seeking a business combination, merger, asset acquisition or similar transaction that would bring a private operating company public through a reverse merger or other form of combination.

Prior to identifying and completing a qualifying business combination, Lakeshore Acquisition III does not operate traditional commercial businesses or offer products or services; instead, its operations are focused on target evaluation, due diligence, structuring potential transactions and managing the trust account and public‑company obligations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.